Swift Haulage is attempting to continue the positive price action after surging past the MYR0.52 resistance on high volumes. The stock has been moving sideways below the MYR0.52 resistance for several months. This latest breakout shows the bulls are now in the driver’s seat, eyeing to steer towards the next resistance pegged at MYR0.57, followed by the MYR0.60 mark. On the downside, falling below the MYR0.50 support will negate the bullish structure and resume the correction phase.

Source: RHB Securities Research - 25 Sept 2023